Celtic Sea assets expire following Lansdowne Oil and Gas farm-out failure

Troubled Irish exploration firm Lansdowne Oil and Gas has been dealt a fresh blow with the announcement two of its exploration licences in the Celtic Sea have expired following failure to find farm-out partners to further develop the assets.

In a brief stock exchange statement, the company said “due to adverse industry conditions, attempts to farm-out SEL [standard exploration licence] 5/07, containing the Rosscarbery and SE Rosscarbery gas prospects, and SEL 5/08, containing the Amergin prospect, have been unsuccessful.

"As Lansdowne has not been able to demonstrate that drilling will be achieved in 2016, these licences have lapsed with effect from December 31, 2015.”